BFSI Overview · 2020. 10. 20. · Indicative view of our partnerships with BFSI clients 7 Accounts Services delivered Age of relationship (Years) Peak Team ADM Size Managed Services

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BFSI OverviewSeptember 2020

Internal and confidential

Copyright © 2020 MindtreeConfidential

Contents

1. Who we are

2. State of the market

3. Indicative view of customer partnership

4. Some of our success stories

5. Solutions & Offerings

2


BANKING AND FINANCIAL SERVICES HIGHLIGHTS

• Digital Transformation partner for Banking, Cards and Payments and Capital Market clients

• We service 3 of the top 5 Banks in US

• Rated #1 partner by Fortune 100 Cards & payment

• Strategic partner for one of the largest Asset and Wealth Management firm

• Global footprint – US, UK/Europe and ANZ

• Key engagements include Digital banking transformation platforms like Backbase ( Online-

banking), Salesforce ( LOS), GRC, Cloud Transformation, Infrastructure support , Markit

EDM services

INSURANCE HIGHLIGHTS

• Strong focus on Commercial, Specialty, Individual Life & Annuity,

Voluntary and Group benefits.

• Work with following:

• 3 of top 10 commercial carriers across the globe ,

• 5 of top 20 life insurers in US

• Top 2 brokers across globe

• Oldest Duck Creek partner with 125+ implementations.

• Global footprint – US, UK/Europe and ANZ.

Banking Financial Services & Insurance: Focus areas and clients

Banking & Financial Services Insurance

Corporate Banking Cards & Payments Asset & Wealth Mgmt. Property & Casualty Life & Annuities

Mindtree Minds~4,000+

Active customers83

of Mindtree’s overall revenue22%

3


State of the market (1/3)

Life/Accident /Health

Experience and Connected

Superior experience with

customers, policy holders

and distribution partners

Growth in direct-to-

consumer distribution

Digital transformation,

simplifying legacy systems

Developing simplified

issue products or

reducing TAT in medically

underwritten life.

Gamification using good

health incentives – the

advent of Health IQ, John

Hancock

Property & Casualty

Efficiency and Expertise

Underwriting expertise

through data

augmentation, analytics

Agile product design

and development for

quicker time to market

Channel hopping

across sales and service

Focus on Pricing

optimization – option

include using AIML and

real-time data for

dynamic pricing. Pay-as

you go options

Product consolidation &

rationalization

Banking & Financial Services Insurance

Key themes across our chosen sub-verticals

Corporate Banking

Digitization and Enhance Value

High-quality, tailored,

seamless digitally enabled

services

New business propositions

via digital products and

services

Leveraging partnership –

Fintech’s and Vendors to

accelerate and build new

capabilities

Credit approval process

changes

More focus on Risk and

financial crimes due to

remote operations.

Cards & Payments

Remaining Relevant

Fintech driving

disruption; real-time

payments

Payment consolidation,

alternate payment

methods

Digital issuance of Cards

Payments Innovation -

RTGS Global

Strong Customer

Authentication (SCA) as

per PSD2 directive.

Asset & Wealth Management

Seeking Relevance

Shrinking fee revenue –

AMC’s are seeking new

avenues.

Consolidation of

companies

Open superannuation -

real-time fund data

distribution

Fee linked to Portfolio

growth

Personalization based on

Customer journey

Operating model of the

future – embrace new

operating models

4


State of the Market : BFS (2/3)

5

COVID RAPID RESURGANCE

The impact of COVID

Co

rpo

rate

Ba

nkin

g

Credit lines are squeezed and hampered loan disbursals for

corporates.

Digital customer engagements and digitally enabled

services becoming need of the hour driven by insights.

Intense global Liquidity resulting in extreme measures by central banks and regulators

Ca

rds

&

Pa

ym

en

ts

Global business travel market is expected to lose $ 810 BN

due to travel restrictions impacting card usage directly.

Forex Market is on downward trend due to slowdown in the

industry, economic activity.

Increased emphasis on Fraud prevention, detection, Cyber

and Risk Management.

Ass

et

& W

ea

lth

Ma

na

ge

me

nt Fee compression and AUM reductions continues to be

challenge for the Asset and wealth management.

AMC’s to reinvent customized products & services for

meeting the needs of Millennials.

Strengthen the digital distribution by virtual selling and

relationship management.

A Rapid return to Normalcy

Investments by banks in the new lending platforms and credit

decision methodologies.

Increase in the Instant Issuance of digital cards are adding

incremental revenue to banks.

Contactless payments, New payment methodology(RTGS) and

high volume digital transactions are being experienced.

Increased focus on managing the credit Risk, Financial

Crime(CFI) and regulatory requirements.

Proactive customer engagement with theme “active

interference” and “frequent trading” .

API technology is being embraced big way to connect internally

and externally withFintech andotherservice providers


State of the Market : Insurance (3/3)

6

COVID RAPID RESURGANCE

The impact of COVID

Pro

pe

rty a

nd

Ca

sua

lty

Top line impact due to contraction in the

economy in short term, more pronounced in

commercial & specialty as against personal lines

Small business coverages are more likely to be

impacted as the sensitivity is high to the

economic slowdown

Mixed bag depending on LOB focus Certain lines

like professional liability, cyber see a higher demand

Launch of new coverages and pricing changes to

include COVID as a covered peril

Differences around whether COVID is a covered

peril.

Life

& R

etire

me

nt

Lower interest rates put pressure on investment

income effecting Life/Annuity and long-tail P&C

lines of business

Life & health insurance carriers particularly hit

hard with average drops of ~60%; short term hit

on premium income

Top line impact due to contraction in the

economy in short term, more pronounced in

commercial & specialty as against personal lines

A Rapid return to Normalcy

Significant uptick in digital interest across markets. 65% of Life looking

towards completely virtualized business environment.

Digital apps replacing face to face or over the call interaction e.g.

collection of risk information through self service

Tension between speed to market and resilience. New/modified products

addressing market needs while carriers adapt to an all-virtual service model

Migration of legacy apps to cloud


Indicative view of our partnerships with BFSI clients

7

Accounts

Services delivered Age of relationship

(Years)

Peak Team Size ADM

Managed Services

Testing Digital & Data IMS/Cloud AgileCustomer

Experience

BFS

Global consumer credit reporting company 3 330

Global cards and payments major 10 550

Leading Superannuation administration firm based in Australia

15 350

A leading global asset management firm headquartered in Scotland

7 135

INSURANCE

Leading US Life and Annuity provider 5 550

Largest Supplementary Insurance provider 9 350

UK based mutual insurer 10 102

Tier 1 US based composite insurer 7 176

Large global insurer 15 1300


Banking and Financial Services Caselets (1/2)

8

Mindtree partnered with one of the largest fintech company and created a

blockchain ready global payment hub for servicing high value payments, mass

payments and instant payments. The platform was transformed to a blockchain

ready and microservices based architecture.

Key Benefits delivered

• Single consolidated view of payments, regardless of payment channel

enhances decision support capability

• Supported 4.6 millions payments in a single day

• Automated processing of ACH,RTGS, SWIFT and real time payments with

high level of STP

• Significant increase in the straight through(STP) processing of the payments

with minimal user intervention.

• Payment Order Management allows financial institutions to have a single view

of all payments transactions globally

• Simplify operations, saving cost and increasing revenues

Mindtree is product engineering partner in a co-sourced model for the

client. Mindtree transitioned 14+ portfolios , 200+ applications and 8

months transition. Mindtree estimated TCO reduction of 30-45% in 5

years. The key engagements include cloud transformation , legacy

modernization , API management and rollout , Online dispute

management portal rearchitecture.


• Conducted large scale transition of applications of 14 different

products/portfolios resulted value additions worth $480K by delivering

380+ User stories and 500+ tickets worth 1633+ person days of effort

• Migrated legacy frameworks to microservices SaaS application and

Agile Automation Framework saved >50% of execution time

• Mulesoft Integration, API led connectivity helped 20% Increase in

performance of applications, Operational Efficiency and Delivery

• Re-architected online dispute portal, enhance security, performance,

design vulnerabilities that had impacted 145M customers.

• Developed a Enterprise Level Test Automation Framework and

Regression time got reduced by 90% from 55 minutes to 6 minutes and

migrated test cases from legacy frameworks to Agile Automation

Framework saved >50% of execution time

Transforming global payment hub for world’s

third largest fintech company

Strategic partner for one of the largest credit

bureau involving Product engineering and

Platform consolidation


Banking and Financial Services Caselets (2/2)

9

Mindtree partnered with US based global investment management firm with

multiple key engagements like Digital transformation of their Investment

platform – US & International, SEC reporting and automation, Enterprise

warehouse management and API development


Re-vamped/UX re-engineering of customer account portal for US and

Europe regions

Digital Platform for Financial advisor, investors and transfer agents.

Supported 50K investors and 3000 Financial advisors. Zero defects in prod

roll-out

Automated filing of 13F, 13G, and 13H, enhancing data integrity, reducing

data discrepancy and Timely regulatory compliance reporting

Integration with legacy transfer agency platform

• Customizable widgets for financial advisors to provide a 360 degree view of

the sales and progress

• Enterprise Data Warehouse Data Validations

• Conversational AI engagement enabling Fund Market data, Insights and

Investment podcast in Alexa tool

Customer Success and Digital transformation

for US based Global Investment Firm

Mindtree engaged with UK based global investment management firm in Markit

EDM implementation, Front Office Integration, Compliance reporting for MiFID,

FINFRAG, Market Abuse, EMIR , Migrating Data Lake on Azure and testing

services to OMS (Charles River) and Thinkfolio


Batch performance improved at least 20% and Delta data refresh Sec-

Industry classification runs in 4 min in live Vs 48 min earlier in EDM platform

Implemented an EMIR solution aggregating data from 20+ system covering

all asset classes helping Client to honor EMIR compliance

Achieved 30% reduction in exceptions and rejections from FCA

Data Lake on Azure providing for global instrument data to analytics team:

better products, improved adherence to regulators

Delivery of an integrated end-state Investment Data Warehouse Platform,

Data Mart & Tabular Model supporting the provision of data to downstream

apps and BI reporting platform

Successfully integrated the Order Management and Portfolio Management

system of acquired entity with existing middle and back office applications.

Data Management & Intelligence, Cloud implementation

and Compliance reporting for UK based global asset

management firm


Insurance Caselets (1/2)

10

Mindtree manages 150+ applications across Digital, Data , Distribution portfolio

as well as LOB applications for individual Life & Annuity and Group protection

business. Team: 480 Mindtree minds. ROI delivered: 14% savings YOY for first

2 years. Mindtree delivers a complete portfolio of services ranging across

Digital, Data, Cloud, Infra and Quality Engineering.


First native AWS application that provides a simplified online device agnostic

process for completing life insurance application process thus reducing cycle

time 50% - 75%

Modernizing Digital platforms comprising policyholder and producer self

service applications to enable better user experience, performance and

responsive design leading to 50% increase in self service adoption

Tool driven and automation first approach to Quality engineering , contributing

to approximately 45% reduction in time to launch product (product

implementation on applications and testing)

AI based conversational solution handling 70,000 + conversations through

chat and voice with 60% containment

Implemented Salesforce CRM to address the sales process for Wholesale

distribution channel resulting in increased adoption and sales effectiveness.

Mindtree’s engagement with leading supplementary insurance

provider started with managing their benefit administration platform

for voluntary and group product offerings. Followed by Digital

transformation of benefit administration platform to simplify

enrolment experience, self service for employers and members,

extension of platform to contact center (additional channel of

enrolment). Recently implemented a policyholder mobile app for

Claims management.


Scale in business supported on the enrolment platform - 7 million

members (employees) and 200,000 customers (employers)

through 80,000+ agents & brokers via around 4000 variants of

benefit plans.

Part of a 40X growth journey in terms of premium written through

the platform over 8 years, growth from 50 million USD to $2bn in

annualized premium.

Claims app led to Improved performance, up to 55% in claim

submission process compared to existing web app

Also Claims app resulted in 70% reduction in maintenance and

support cost each year towards screen scraping solution of legacy

app

The upgraded app has reached 650,000 downloads/updates in

just 7 days of app release

Managed services for Leading Life, Annuity &

Retirements provider

Digital transformation of benefit administration

platform of leading supplementary insurance

provider

Copyright © 2020 MindtreeConfidential 11

Mindtree engaged Insurance major on multiple

consulting engagements to drive efficiency , agility

and cost savings for Global business operations.


• Driving metrics driven performance culture

globally across Commercial, Personal , Accident

and Health business by defining a consistent KPI

framework and dashboard design that will be

rolled out to senior executives in global

operations team.

• Identifying 200 + Master KPIs applicable to

global operations, balancing between lead and

lag indicators, spread across business outcome,

stakeholder experience, business process and

capability.

• Defining a data strategy and solution

architecture for realizing the dashboards from

200+ source systems and data lake.

• Defining business process automation (BPM ,

RPA and API) strategy for business units to

ensure the right metrics are captured at the

source , as well as achieve efficiency and agility.

Data and Process Consulting for

Business Operations transformation

for a global insurance major

Claims transformation for a

Florida based property insurer

Client is a property insurance carrier in North

America covering property in 12 states with 3

LOBs – Property, Flood and Commercial. Client

was experiencing an increase number of claims

that were reported for both CAT and non CAT

claims. Mindtree was chosen as a partner due to

its proven successes in the Duck Creek

implementations along with its expertise in P&C

domain, ability to deliver end to end IT services.


Delivered project before the deadline with zero

critical defects

On the first day of production release, system

was able to process 50 claims arising due to

CAT situation in NY State

System Performance Excellence: Peak FNOL

intake 450 claims / per hour or 3600 per day-

20 times the current peak volume

Deployment of robust DevOps, Test automation

and Performance testing received appreciation

by all stakeholders

Improved operational excellence by 40%

Insurance Caselets (2/2)


Solutions & Offerings- BFS

12

Corporate Banking(Enterprise IT, Data & Cognitive)

Turbo Lending Solution for SBA Loan Processing for Prioritized Paycheck

Protection Program developed for one of

the leading FinTech in lending space

Partner :

• Churn Analytics solution developed on our

data analytics platform viz decision

moments to identify the customers / accounts that are most likely to churn and

also analyze customer sentiments on social

media to predict the churn built for one of

the leading trust banks in US

“Forgiveness in Box” –

P4Loan solution

Cards and Payments (Data & Cognitive)

Merchant Onboarding Solution on

Blockchain platform with “Standard Trust

Framework” enabling merchants to have

Instant onboarding to banks platform

meeting Security & Compliance guidelines

with security tokens system

Partner :

Asset and Wealth Management (Cloud, Data & Cognitive and Customer

Success)

Murex on Cloud – Migrating Murex latest

version MX3.1 to MS Azure in Lift & Shift or

Hybrid cloud patterns

Partner :

Developed comprehensive cognitive

automation solution in LIBOR transition and

ISDA documentation extract

Partner :

• Conversational AI Solution to provide

market/ economy insights and proactive

Insights/Advisory related to Investment

planning developed for leading asset

management firm in US

Partner :


Solutions & Offerings - Insurance

13

Transforming performance measurement and management

through a comprehensive set of Insurance KPIs across functions

in an Insurance enterprise. Supported by a reference Industry

data model and visualization samples. Help accelerate the data

strategy execution for Insurance enterprise

Partner : Salesforce , Data bricks, Microsoft, Informatica,

Segments : L&A, A&H and P&C

Insurance Business Intelligence

Chat, Voice and E-mail BOTs enabling interactions of

policyholders and producers with Insurance enterprises. Pre-

designed nature language conversations across key interactions.

Partner : Microsoft,


Delivering Speed, Efficiency and better experience to Insurance

companies by holistic approach to business process automation.

Specific focus on Submission to Issuance, Claims, Renewal &

Policy servicing for P&C business. Supported by knowledge base

of 50+ unique use cases already implemented for insurers.

Partner : Uipath, Automation Anywhere

Segments : P&C

Intelligent process automation for Insurance

Transforming engagement experience through a design thinking

led approach across value chain (New Business, Servicing,

Claims, Partner on-boarding) for Policyholders, Agents/Brokers,

Claimants & Providers. Supported by requirements accelerators

and prototypes for visualization.

Partner : Salesforce , Microsoft, Adobe,


Policyholder & Producer Experience transformation

Cognitive Contact Center

Testing services distinguished by Business process & product

driven approach & supported by functional test scenario

repository organized by product features and processes

Partner : Microsoft,

Segments : L&A, A&H

Accelerate Product release to market

Transforming core legacy platforms to modern systems involving

implementation of Policy, Billing and Claims components ,

migration to target systems and migration to cloud

Partner : Duck Creek

Segments : P&C, L&A, A&H, Retirements

Core Transformation / Modernization

Enabling better risk assessment, pricing and faster response for

Underwriters through 3600 view of risk , enrichment of risk

information through third party integration and underwriting

and pricing rules implementation

Partner : Duck Creek

Segments : P&C

Underwriting transformation


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Documents

BFSI Overview · 2020. 10. 20. · Indicative view of our partnerships with BFSI clients 7 Accounts Services delivered Age of relationship (Years) Peak Team ADM Size Managed Services